Cipla's Sales, EBITDA & PAT stood at Rs36.9bn, Rs7.1bn & Rs4.6bn, respectively in 1QFY17. It reported lower growth on all fronts on account of high base effect (Nexium contribution at ~US$75mn) in 1QFY16. Domestic formulations business (40% of sales) declined 4% yoy to Rs14.5bn due to NLEM and ban on Fixed Dose Combinations. Negligible contribution from Nexium impacted growth in export formulations (-7% yoy), which is partially offset by full quarter consolidation of Invagen business (contribution US$55mn). EBITDA margins declined 785bps to 19.1% yoy due to Nexium contribution in 1QFY16, higher R&D; cost (6.6% of sales vs. 4.4% of sales in 1QFY16) and employee...